68^th Session of the General Assembly - 107^th Plenary Meeting

      Item 14 - Action on Draft Resolution A/68/L.57/Rev.1

Statement by H.E. Bhagwant S Bishnoi, Deputy Permanent Representative of India to the United Nations

Mr. President,

Thank you for giving me the floor.

We commend the General Assembly for adopting the draft resolution proposed by the Plurinational State of Bolivia on behalf of the Group of 77 towards the establishment of a multilateral legal framework for sovereign debt restructuring processes.

Let me also acknowledge the presence of the Foreign Minister of Argentina Mr. Hector Timmerman and the tireless efforts of the Argentine delegation in New York in piloting the draft.

Mr. President,

Issues related to sovereign debt have been on the radar of the international community for several years now. 

As early as 2002, the Monterrey Consensus encouraged the consideration of an international debt workout mechanism to restructure unsustainable debt in a timely and efficient manner.  This issue has also been under consideration of the International Monetary Fund.

However, a systemic solution to this longstanding problem which continues to bedevil several developing and developed countries alike has so far eluded us.

The timing of this resolution, coming as it does as we gear up for negotiations on the Post-2015 Development Agenda as also for a comprehensive review of Financing for Development, is appropriate.

As a firm believer in multilateralism, India believes that all efforts must be made to find cooperative solutions to the common problems we face.   

We look forward to constructive engagement among all member States so that we can collectively find a mutually acceptable solution to this issue.

I thank you.